M.D. Sass LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 12,887 shares of the software maker's stock, valued at approximately $4,837,000. Cadence Design Systems makes up about 0.3% of M.D. Sass LLC's investment portfolio, making the stock its 29th largest holding.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC raised its position in shares of Cadence Design Systems by 933.3% during the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock valued at $26,000 after buying an additional 84 shares during the last quarter. Brown Lisle Cummings Inc. boosted its position in shares of Cadence Design Systems by 860.0% during the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock worth $27,000 after acquiring an additional 86 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in shares of Cadence Design Systems during the fourth quarter worth $28,000. Swiss RE Ltd. purchased a new position in Cadence Design Systems during the fourth quarter valued at $29,000. Finally, Avalon Trust Co purchased a new position in Cadence Design Systems during the second quarter valued at $30,000. 84.85% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In related news, Director James D. Plummer sold 1,511 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $381.34, for a total transaction of $576,204.74. Following the transaction, the director directly owned 23,264 shares of the company's stock, valued at $8,871,493.76. This represents a 6.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 51,887 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $370.00, for a total transaction of $19,198,190.00. Following the completion of the transaction, the chief executive officer directly owned 303,525 shares of the company's stock, valued at approximately $112,304,250. This represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 139,486 shares of company stock worth $54,262,177. Insiders own 0.49% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Benchmark reiterated a "buy" rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. KeyCorp restated an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $410.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Weiss Ratings upgraded Cadence Design Systems from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 30th. Finally, Stifel Nicolaus increased their price target on Cadence Design Systems from $395.00 to $432.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $405.69.
Read Our Latest Research Report on Cadence Design Systems
Cadence Design Systems Stock Performance
Cadence Design Systems stock opened at $316.52 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The firm has a market capitalization of $87.17 billion, a P/E ratio of 62.93, a price-to-earnings-growth ratio of 3.49 and a beta of 1.15. The company's 50-day moving average is $357.82 and its 200 day moving average is $331.13. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.06. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the prior year, the business posted $1.65 earnings per share. The business's revenue for the quarter was up 24.2% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 8.050-8.150 EPS and its Q3 2026 guidance at 2.010-2.070 EPS. Research analysts forecast that Cadence Design Systems, Inc. will post 6.4 EPS for the current year.
About Cadence Design Systems
(
Free Report)
Cadence Design Systems, Inc NASDAQ: CDNS is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company's offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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